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Fibrosis/Cancer Start-up Seeded By Celgene Begins To Take Shape

Bay City Capital will back the PharmAkea with a $10 million Series A financing. Celgene also holds an undisclosed equity stake in the new company, under a three-year, $35 million R&D funding agreement with options to extend the arrangement or acquire the firm.

A year after Celgene Corp. announced an agreement to seed-fund and help round up co-investors for a company formed by former Amira Pharmaceuticals Inc. executives, it is making progress.

The new company is taking shape as PharmAkea Therapeutics, with a $10 million Series A round from Bay City Capital.

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